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Last Updated : Mar 11, 2020 06:30 PM IST | Source: Moneycontrol.com

SBI cuts interest rate on savings accounts to 3%

Currently, for deposits up to Rs 1 lakh in savings accounts with SBI, the interest rate is 3.25 percent. Meanwhile, an interest rate of 3 percent is applicable for deposits above Rs 1 lakh.

 
 
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The State Bank of India (SBI) on March 11 cut the interest rate on all savings bank accounts to a flat 3 percent.

The bank also waived off the requirement of maintaining an average monthly minimum balance in its savings accounts. These moves will affect all 44.51 crore savings account holders of the SBI.

Also Read | SBI waives minimum monthly balance requirement on savings accounts

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"Bank has also rationalised interest rate on SB Account to a flat 3% p.a. for all buckets," it said in a release.

Currently, for deposits up to Rs 1 lakh in savings accounts with SBI, the interest rate is 3.25 percent. An interest rate of 3 percent is applicable for deposits above Rs 1 lakh.

"The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts," the bank added in the release.

At present, a penalty of Rs 5 to Rs 15 plus taxes is levied by the bank on non-maintenance of AMB.

Also Read | Have you applied for SBI Card IPO? You can check the allotment status here

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First Published on Mar 11, 2020 05:29 pm
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